Bill Richardson on Corporations

Democratic Governor (NM); Secretary of Commerce-Designee

Eliminate $73 billion in corporate welfare

Thereís $73 billion in corporate welfare that needs to be eliminated. I think we all have to sacrifice, the Congress, too, and that means eliminating congressional earmarks.
That means, also, having pay-as-you-go policies in our budget that, if somebody thinks of a new program or is going to cut a tax, weíve got to make sure that itís paid for. Thatís what I would do as president.

Source: 2007 Des Moines Register Democratic debate
, Dec 13, 2007

Resigned from Peregrine Systems amid 2002 financial collapse

Peregrine Systems was a San Diego-based software company whose CEO was Stephen Gardner, brother-in-law of Richardsonís wife. Richardson was put on the board as an outside director from Feb. 2001. During this period, the directors were trying to hide
financial dealings, including non-existent sales, and hiding the severity of its losses. The company eventually went into bankruptcy and Gardner was later charged with securities fraud. When he ran for governor, Richardson got away with claiming ďI had n
involvement because I was an Ďoutside directoríď --he didnít attend numerous meetings and Ēdidnít have timeď to read corporate reports, he said.

But according to the San Diego Reader, ĒRecords show that Richardson attended, in person or by phone,
15 board meetings. In those meetings, directors were hearing that the company might get caught cooking the books.ď

In May 2002 the company announced it had found accounting irregularities and the stock collapsed. Richardson resigned in June.

Government is needed to keep markets competitive

In properly functioning markets the hardest working and most innovative companies win, and the weakest lose. The goal of government is to keep the dynamic going & protect the innocent. But we also play a role in government that the market players do not:
trying to assist with competition and choice that is anathema to those who dominate any industry. Itís why Teddy Roosevelt busted the trusts; itís why we have the Federal Communications Commission to oversee the use of our airwaves; and itís why we
regulate weights and measures at gasoline pumps. People in industry donít necessarily like it. But itís necessary.

When oil prices rose to what seemed unimaginable heights in 2000, I thought there was a further role for government. As Energy Secretary,
I felt it was my duty to act, to try to bring prices back into a safe and stable range.

I had four areas I could take the initiative: talk to OPEC; get more domestic oil; use the Strategic Petroleum reserve; and assist the hardest-hit Americans.

Corporate role is profit, not protecting national interests

The international oil companies are now a superpower just as nations once were. We cannot depend on them to bail us out. These corporations have been doing their job, and very well. It is not their job to take care of the US; it is not their job to find
& develop alternative energy sources, or to spread freedom & democracy. It is not their job to defend our nationís oil interests overseas, or the shipping lanes such as the Persian Gulf that are so critical to both the world trade in petroleum & the
stability of oil prices & the world economy.

Their job is to make profit & pass it on to shareholders. That is the beauty of our economic system. It is a model that has built progress & prosperity around the globe, raising the standard of living &
fulfilling the hopes & dreams of billions.

But that model cannot protect US national interests, either at home or abroad. Congress, the states, & the president have responsibility for that. It is a critical responsibility that they havenít lived up to.

Reward companies that pay over the prevailing wage

I would reward companies that pay over the prevailing wage, that go into the inner cities, that go into rural areas. I would also have tax-free holidays for technology start-ups: three years, if they train people in the inner city, if they hire people
over the prevailing wage.

We need to rebuild this economy by being pro-growth Democrats. We should be the party of innovation, of entrepreneurship, of building capital. We need to find a way that globalization works for the middle class.